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Home Markets Equities Company Results

Fidelity Bank posts N20.41 billion profit in nine months

Chidi Emenike by Chidi Emenike
November 3, 2020
in Company Results
Fidelity Bank Plc ,CEO Nnamdi Okonkwo, Fidelity Bank Plc growth plan, SMEs funding

CEO, Fidelity Bank Plc, Nnamdi Okonkwo

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Despite the harsh consequences of the coronavirus pandemic on businesses, Fidelity bank, one of Nigeria’s second tier banks, has posted a Profit After Tax worth N20.41 billion for the period ended September 2020.

This is according to the recently released unaudited financial result sent to the Nigerian Stock Exchange today.

READ: Jaiz Bank reports 45.3% profit increase in H1 2020, involved in 21 litigations

Profit After Tax (PAT) grew by 7.1%, from N19.05 billion as at September 2019 to N20.41 billion in the corresponding period this year, as the bank also recorded a gross revenue of N155.03billion in 9 months.

On liquidity related issues, deposits from customers increased from N1.12 trillion as at September 2019 to N1.498 trillion in the corresponding period this year, indicating an increase of 34.21%.

READ: MTN Nigeria posts N975.76 billion revenue for Q3 2020

Loans and advances to customers also increased by 18.5% from N1.07 trillion to N1.27 trillion within the period under review.

What you should know

The following are other key financial metrics posted by the bank in its latest financials:

  • Gross earnings for the nine-month period ended September 2020 declined by 14.2% Year-on-Year.
  • Net interest income appreciated from N58.2 billion to N75 billion within the period under view indicating a gain of 28.8%.
  • Profit Before Tax increased by 3.6% within the period under view.
  • Profit After Tax increased by 7.1%.
  • Earnings Per Share increased from N66 to N70 within the period under review, indicating a gain of about 6.1%.
  • Cash and balances with the Central Bank also increased from N4.18 billion to N6.34 billion, indicating an increase of 51.8%

READ: Seplat’s 9 months revenue dips by 11.5% according to latest earnings report  

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